Volt Information Sciences, Inc. (OTC: VISI) today provided a business
update and reported selected unaudited financial information for its
fiscal fourth quarter and fiscal year 2012 ended October 28, 2012. The
Company noted that due to the previously announced ongoing accounting
review and anticipated restatement, all numbers presented in this
release are estimates.

The Staffing Services Segment, which accounts for a majority of the
Company’s total revenue, had approximately $501 million of revenue in
the fourth quarter 2012 compared to approximately $487 million for the
same period in 2011, a 3% increase. For the fiscal year 2012, the
Staffing Services Segment had approximately $1,957 million of revenue
compared to approximately $1,885 million of revenue in the same period
in fiscal 2011, a 4% increase. The increase for the fourth quarter and
fiscal year was primarily the result of the recognition of previously
deferred revenue, increased contingent staffing and associate vendor
employees on assignment and increased technology consulting and
outsourcing services and solutions revenues.

On average, approximately 33,100 U.S. staffing employees were on
assignment in the quarter compared to approximately 31,900 in the fourth
quarter of 2011, and 32,000 for the fiscal year compared to 31,600 in
the prior fiscal year.

The Telecommunications Services segment reported close to break-even
operating results and the Other segment reported a small operating
profit for the fourth quarter and fiscal year of 2012 and 2011. Results
for the Computer Systems Segment will be reported after the ongoing
accounting review and anticipated restatement is completed.

Liquidity

During fiscal 2012, the Company disbursed approximately $37 million in
connection with the restatement and related investigations and used
approximately $4 million in all other operating activities, used
approximately $5 million for capital expenditures net of $7 million
received from the sale of property and equipment, and disbursed
approximately $2 million for the acquisition of an additional 10%
interest in a foreign subsidiary. Borrowings under the accounts
receivable securitization program increased by approximately $30 million
during fiscal 2012 and borrowings under all other credit facilities
increased approximately $2 million. The Company transferred
approximately $1 million during fiscal 2012 to restricted cash as
collateral for foreign currency borrowings and banking facilities.

On October 28, 2012, the Company had cash and cash equivalents of
approximately $27 million and an additional approximately $36 million of
cash restricted as collateral for foreign currency credit lines and
banking facilities. The Company also had approximately $30 million
available from its short-term financing program. Excluding approximately
$9 million of non-current debt, the Company’s consolidated borrowings
were approximately $146 million at October 28, 2012, which included
approximately $25 million of foreign currency borrowings used to hedge
net investments in foreign subsidiaries that are fully collateralized by
restricted cash, and approximately $120 million drawn under the $150
million short-term financing program. The Company believes that it has
sufficient liquidity to meet its business requirements at current and
projected business growth rates.

VOLT INFORMATION SCIENCES, INC.

Condensed Statements of Cash Flows

Unaudited, Estimated (in Thousands)

Three Months Ended

Fiscal Year Ended

October 28,

October 30,

October 28,

October 30,

2012

2011

2012

2011

Cash and cash equivalents at beginning of the period

$

33,366

$33,278

$

44,568

$

51,084

Cash used in connection with restatement and related investigations

(11,826

)

(9,619

)

(37,160

)

(46,777

)

Net cash provided by (used in) all other operating activities

1,656

10,357

(4,153

)

16,931

Net cash (used in) provided by operating activities

(10,170

)

738

(41,313

)

(29,846

)

Net cash provided by (used in) investing activities

2,634

(746

)

(6,838

)

(12,188

)

Net cash restricted as collateral for borrowings

(328

)

912

(1,391

)

(3,762

)

Net cash provided by all other financing activities

1,229

10,386

31,705

39,280

Net cash provided by financing activities

901

11,298

30,314

35,518

Net (decrease) increase in cash and cash equivalents

(6,635

)

11,290

(17,837

)

(6,516

)

Cash and cash equivalents at end of the period

$

26,731

$44,568

$

26,731

$

44,568

Supplemental information - Cash paid during the period for:

Interest

$739

$701

$2,894

$2,614

Income taxes

$600

$1,171

$3,418

$6,047

Note: Due to the ongoing accounting review and anticipated restatement
of the Company’s historical financial statements (see discussion in the
release text), all financial numbers presented in this release should be
considered estimates.

Borrowing and Cash Positions (in Thousands)

October 28,

2012

October 30,

2011

Cash and cash equivalents

$

26,731

$

44,568

Cash restricted as collateral for borrowings

35,581

34,190

Short-term investments

5,611

5,511

Total cash, cash restricted for borrowings and short-term investments

$

67,923

$

84,269

Short-term borrowings, including current portion of long-term debt

Accounts receivable securitization program

$

120,000

$

90,000

Bank loans and other

25,727

23,330

Long-term debt, excluding current portion

9,123

9,817

Total short-term borrowings and long-term debt

$

154,850

$

123,147

Note: Due to the ongoing accounting review and anticipated restatement
of the Company’s historical financial statements (see discussion in the
release text), all financial numbers presented in this release should be
considered estimates.

Preliminary Nature of Information

The financial information contained in this press release is preliminary
and unaudited, and has been prepared by management based on currently
available Company data. This financial information is subject to change
based on the completion of the Company’s ongoing review of accounting
matters, the completion of its fiscal 2012, 2011, 2010, 2009 and 2008
annual financial statements, the restatement of stockholders’ equity as
of the beginning of fiscal year 2008 for the effects of adjustments
prior to that year, and the completion of the audit of the financial
statements by the Company’s independent accountants. The process of
restating prior years’ financial statements is expected to result in
changes to the Company’s financial statements for fiscal year 2008 due
to the correction of errors in the application of certain accounting
principles and methodologies that individually or in the aggregate may
be material. There can be no assurance that the amounts reported today
will not differ, including materially, from those reported when the
Company files its 2012, 2011, 2010, 2009 and 2008 Form 10-Ks and other
reports.

Since the re-evaluation is ongoing, the Company has limited the scope of
the financial information released today to the selected unaudited
financial information included in this release. The Company does not
expect to be in a position to announce audited financial results for
fiscal 2012, 2011, 2010, 2009 or 2008 (or prior years) until appropriate
accounting adjustments and restated financial statements have been
finalized for 2008 and prior periods, its independent accountants have
completed their audit procedures, and amended Reports on Forms 10-K and
10-Q have been filed with the SEC for such related periods.

Please refer to the Company’s reports filed with the SEC for further
information.

About Volt Information Sciences, Inc.

Volt Information Sciences, Inc. is a leading provider of global
infrastructure solutions in technology, information services and
staffing acquisition for its FORTUNE 100 customer base. Operating
through an international network of servicing locations, the Staffing
Services Segment fulfills IT, engineering, administrative, and
industrial workforce requirements of its customers, for professional
search and temporary/contingent personnel as well as managed services
programs. Technology infrastructure services include telecommunications
engineering, construction, and installation; and IT managed services and
maintenance. Information-based services are primarily directory
assistance, operator services, database management, and directory
printing. Visit www.volt.com.

Forward-Looking Statements

This press release contains forward-looking statements. Words such as
“may,” “will,” “should,” “likely,” “could,” “seek,” “believe,” “expect,”
“plan,” “anticipate,” “estimate,” “optimistic,” “confident,” “project,”
“intend,” “strategy,” “designed to,” and similar expressions are
intended to identify forward-looking statements about the Company’s
results of operations, future plans, objectives, performance, intentions
and expectations.Forward-looking statements are subject to a
number of known and unknown risks, including, among others, the timing
of, and effects of the continued delay in, filing the Company’s
financial statements with the Securities and Exchange Commission,
general economic, competitive and other business conditions, the degree
and timing of customer utilization and rate of renewals of contracts
with the Company, and the degree of success of business improvement
initiatives, that could cause actual results, performance and
achievements to differ materially from those described or implied in the
forward-looking statements. Information concerning these and other
factors that could cause actual results to differ materially from those
in the forward-looking statements are contained in Company reports filed
with the Securities and Exchange Commission.

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